It's tough to give a definitive answer without knowing your specific investment goals (cash flow, appreciation, etc.) and preferred strategies (BRRRR, wholesaling, etc.).
However, since I'm a Cleveland native and active in the real estate market here, I can offer some insights on why Cleveland could be a good fit:
- Affordability: Compared to many other major metros, Cleveland offers a relatively low barrier to entry. You can still find solid investment properties at reasonable prices, which can lead to strong cash flow.
- Diverse neighborhoods: Cleveland has a wide variety of neighborhoods, each with its own character and investment potential. This allows you to really niche down and target your ideal tenant demographic. Do you want to do section 8? That works well here. DO you want to do mid-term rental to traveling nurses? That works well here to. A lot of different strategies work very well in the Cleveland market.
- Strong rental demand: With major employers like the Cleveland Clinic and University Hospitals, along with a growing arts and culture scene, Cleveland attracts a steady stream of renters.
- Revitalization efforts: Many areas of Cleveland are experiencing significant revitalization, which can lead to increased property values and appreciation potential.
I can't comment on the Detroit market specifically, I have never been and have never done any research on it!
